BLOG

Disaster Responses - Servicer Preparedness Best Practices

July 18, 2019 BY MQMR Blogger

In the aftermath of natural disasters, maximizing the effectiveness of communication and responsiveness between servicers and homeowners within the affected communities is key. When disasters hit, maintaining a consistent, coordinated message makes all the difference.  It's not just enough to have a strategy, servicers need to have an established feedback process to learn what is happening, not only from their staff but also from their clients. That feedback must then be sent to the right people for action.

 

Delays and disconnected practices within the industry stem from outdated processes and a lack of transparency between servicers and borrowers. Preparation beforehand and a pressure-tested response process during disaster season not only ensures reduced expenses and risk avoidance, but will also help borrowers through a stressful life experience. Servicers should update their response protocols and take advantage of available data as well as other resources. Working in conjunction with other groups and agencies to help consumers recover is important.

 

Borrower education is another critical component. Servicers need to train their staff to effectively communicate the specifics of the borrower’s responsibilities and that message should be balanced with compassion. Through pre-planned, informative communication focusing on actions and options, servicers can help reduce borrower stress while mitigating risk in the wake of a disaster.